Whether you’re looking for manufactured home financing or refinancing options, understanding how the home buying and closing process has changed due to the economic slowdown caused by the coronavirus pandemic is imperative in order to obtain a manufactured home loan that perfectly fits your financial situation.
Manufactured Housing News
The number of home sales in the US rose unexpectedly in May 2020, exceeding both the number of homes sold in April 2020 as well as the home sales recorded during the same period last year. As most recent homebuyers purchased their homes with the help of a home loan, the home financing market looks solid in both the short and long term, despite the recent socio-economic uncertainty that has negatively affected the real estate industry. Thanks to historically low rates, credit union mortgage origination volumes have also risen, allowing credit unions to gain more market share.
According to CUNA, many credit unions have reported rising liquidity and lower loan origination volumes over the past few months. As this trend is expected to continue particularly due to the current government relief programs as well as a higher number of people looking for a safe place to keep their money, it could negatively affect the overall profitability of many credit unions.